Accelerate Resources Ltd (ASX:AX8) will issue a total of $706,944 Junior Minerals Exploration Incentive (JMEI) Tax Credits to eligible shareholders who received new Accelerate shares through participation in capital raisings during FY23.
This follows the lodgement of the company’s income tax return for the year ending June 30, 2023.
The JMEI scheme, which is administered by the Australian Taxation Office (ATO) enables eligible exploration companies to create refundable tax credits to distribute to eligible shareholders by forgoing a portion of their carried forward tax losses that have arisen from allowable expenditure on greenfield exploration.